Market Signals Weekly Report
The following are comments and discussion items from the weekly conference call of the Market Signals Team.
- Corn, soybean and wheat futures dropped last week on recession worries, higher US Dollar and slow export demand
- Fact US Central Bank raised US interest rates 75 basis points. Talk of higher rates sent USD higher and commodity prices lower.
- Ukraine, Argentina and Brazil corn prices are lower than US. Brazil and Argentina soybean, soymeal and soyoil prices are lower than US.
- Last week, December corn futures dropped from 6.98 to today low of 6.65. Higher USD weighed on corn futures.
- USDA Sep 30 grain stocks is expected to be near 1,525 mil bu. 2022/23 carryout is 1,219. Some could see 1,510 due to lower exports
- Last week, November soybean futures traded from 14.88 down to today’s low near 14.08 on lower export demand and higher USD.
- USDA Sep 30 grain stocks is expected to be near 240 mil bu. 2022/23 carryout is 200. Some could see 310 due to lower exports
- Last week, December Chicago wheat futures dropped from 8.91 to today’s low near 8.54. on higher USD
- US corn crop was rated 52 pct G/E with 13 pct harvest , soybeans 55 pct G/E with 11 pct harvest. USDA est 33 pct US winter wheat crop is planted
- US south plains is dry. Central China is dry. Most of EU is seeing rains. Russia is seeing rains. Brazil and E Argentina is seeing rains.
- Flooding in Philippines, Pakistan, Vietnam, Thailand and US SE could raise concerns about crops and supply chain problems.
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All price recommendations below are futures price references (not cash equivalents).
Chicago Wheat 2022-crop
Chicago Wheat 2023-crop
KC Wheat 2022-crop
KC Wheat 2023-crop
MPLS Wheat 2022-crop
MPLS Wheat 2023-crop
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